According to REIWA, rental listings in Perth have dropped to an 8-year low, falling 8 percent to 2,926 rental listings available.
Evidently, we expect a rental crisis to develop if this shortage is not addressed soon. Perth’s vacancy rates sit at 1.3%, while Time Conti Sheffield’s is at 0.8%, not only well below average, but it records an almost unprecedented level of stock shortage in the market.
The Median Leasing Days for residential markets is 19 days while Time Conti Sheffield is recoding 17 days, below the market average.
Median rent has been retained at $360 per week, with suburbs closer to the city seeing increases in rent rates.
As the population growth returns closer to long-term averages, the State government needs to proactively encourage investment in property to accommodate returning ex-pats and existing tenants.
There could be a possibility that the State could run out of properties next year unless effective measures are quickly put in place to encourage property investment by enticing investors back to WA.
Please feel free to contact our Property Managers if you wish to discuss any queries you may have regarding your property.